Haleon Announces Pricing And Upsize Of Secondary Offering By Pfizer At $7.85/ADS

(RTTNews) - Haleon plc (HLN) has announced the pricing and upsize of a public offering in the United States, as well as a concurrent offering outside the United States to qualifying investors, conducted by Pfizer Inc. The offering comprises about 790.55 million Haleon ordinary shares, including 594 million Ordinary Shares and about 196.55 million ordinary Shares in the form of American Depositary Shares, each representing two Ordinary Shares. The shares are priced at 3.08 pounds per Ordinary Share and $7.85 per ADS.

The size of the Global Offer increased to an aggregate of about 790.55 million Ordinary Shares from the previously announced about 630 million ordinary Shares.

Haleon noted that Pfizer will receive all of the net proceeds from the Global Offer. No Securities are being sold or issued by Haleon and Haleon will not receive any of the net proceeds from the Global Offer.

Haleon has agreed to repurchase about 102.27 million Ordinary Shares from Pfizer off-market for aggregate consideration of about 315 million pounds or approximately $400 million. The purchase price for the Share Buyback payable by Haleon to Pfizer is 3.08 pounds per Ordinary Share, equal to the offering price per Ordinary Share in the Global Offer.

The closing of the Share Buyback is conditional upon, and expected to occur at the same time as, or immediately following and on the same day as, the closing of the Global Offer, which is expected to close on 21 March 2024.

As a result of the Global Offer, the Share Buyback and cancellation, Pfizer's interest in Haleon will reduce from 32% to approximately 22.6% of Haleon's issued Ordinary Shares with rights to vote.

In connection with the Global Offer, Pfizer's Securities are expected to be subject to a 90-day lock-up in favor of Citigroup and Morgan Stanley, subject to customary exceptions and to waiver.